First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members.
Credit Union Location in Nebraska
Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings.
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Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). The main advantage of credit unions consists in transparency, controllability, governance for shareholders.